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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment | NOTE 7. PROPERTY, PLANT AND EQUIPMENT
|  | 2022 |  |  | 2021 |
Cost |  | $ | 6,906,771 |  |  | $ | 6,503,721 |
Accumulated depreciation |  |  | (4,603,433 | ) |  |  | (4,245,330 | )
|  | $ | 2,303,338 |  |  | $ | 2,258,391 |
Rig equipment |  |  | 2,083,446 |  |  |  | 2,074,185 |
Rental equipment |  |  | 15,977 |  |  |  | 20,597 |
Other equipment |  |  | 11,465 |  |  |  | 17,088 |
Vehicles |  |  | 3,380 |  |  |  | 3,204 |
Buildings |  |  | 38,949 |  |  |  | 44,009 |
Assets under construction |  |  | 117,535 |  |  |  | 67,884 |
Land |  |  | 32,586 |  |  |  | 31,424 |
|  | $ | 2,303,338 |  |  | $ | 2,258,391 |
Cost
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2020 |  | $ | 6,025,767 |  |  | $ | 105,024 |  |  | $ | 181,004 |  |  | $ | 35,350 |  |  | $ | 122,278 |  |  | $ | 60,572 |  |  | $ | 33,211 |  |  | $ | 6,563,206 |
Additions |  |  | 15,288 |  |  |  | — |  |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | 60,399 |  |  |  | — |  |  |  | 75,941 |
Disposals |  |  | (100,004 | ) |  |  | (1,822 | ) |  |  | (2,300 | ) |  |  | (543 | ) |  |  | (2,454 | ) |  |  | — |  |  |  | (1,674 | ) |  |  | (108,797 | )
Reclassifications |  |  | 47,080 |  |  |  | — |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | (47,268 | ) |  |  | — |  |  |  | — |
Foreign exchange |  |  | (19,815 | ) |  |  | (21 | ) |  |  | (429 | ) |  |  | (127 | ) |  |  | (305 | ) |  |  | (5,819 | ) |  |  | (113 | ) |  |  | (26,629 | )
Balance, December 31, 2021 |  |  | 5,968,316 |  |  |  | 103,181 |  |  |  | 178,717 |  |  |  | 34,680 |  |  |  | 119,519 |  |  |  | 67,884 |  |  |  | 31,424 |  |  |  | 6,503,721 |
Additions |  |  | 63,058 |  |  |  | 587 |  |  |  | 517 |  |  |  | — |  |  |  | 141 |  |  |  | 122,271 |  |  |  | — |  |  |  | 186,574 |
Acquisitions |  |  | 32,796 |  |  |  | — |  |  |  | — |  |  |  | 900 |  |  |  | 1,457 |  |  |  | — |  |  |  | 2,347 |  |  |  | 37,500 |
Disposals |  |  | (71,912 | ) |  |  | (7,538 | ) |  |  | (8,358 | ) |  |  | (873 | ) |  |  | (9,461 | ) |  |  | 2 |  |  |  | (2,187 | ) |  |  | (100,327 | )
Reclassifications |  |  | 74,148 |  |  |  | — |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | (74,336 | ) |  |  | — |  |  |  | — |
Foreign exchange |  |  | 268,056 |  |  |  | 224 |  |  |  | 4,345 |  |  |  | 1,295 |  |  |  | 2,667 |  |  |  | 1,714 |  |  |  | 1,002 |  |  |  | 279,303 |
Balance, December 31, 2022 |  | $ | 6,334,462 |  |  | $ | 96,454 |  |  | $ | 175,409 |  |  | $ | 36,002 |  |  | $ | 114,323 |  |  | $ | 117,535 |  |  | $ | 32,586 |  |  | $ | 6,906,771 |
Accumulated Depreciation
|  | Rig Equipment |  |  | Rental Equipment |  |  | Other Equipment |  |  | Vehicles |  |  | Buildings |  |  | Assets Under Construction |  |  | Land |  |  | Total |
Balance, December 31, 2020 |  |  | $ 3,755,973 |  |  | $ | 77,665 |  |  | $ | 153,686 |  |  | $ | 30,372 |  |  | $ | 72,827 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,090,523 |
Depreciation expense |  |  | 248,564 |  |  |  | 6,741 |  |  |  | 10,410 |  |  |  | 1,739 |  |  |  | 4,582 |  |  |  | — |  |  |  | — |  |  |  | 272,036 |
Disposals |  |  | (95,977 | ) |  |  | (1,804 | ) |  |  | (2,194 | ) |  |  | (543 | ) |  |  | (1,769 | ) |  |  | — |  |  |  | — |  |  |  | (102,287 | )
Foreign exchange |  |  | (14,429 | ) |  |  | (18 | ) |  |  | (273 | ) |  |  | (92 | ) |  |  | (130 | ) |  |  | — |  |  |  | — |  |  |  | (14,942 | )
Balance, December 31, 2021 |  |  | 3,894,131 |  |  |  | 82,584 |  |  |  | 161,629 |  |  |  | 31,476 |  |  |  | 75,510 |  |  |  | — |  |  |  | — |  |  |  | 4,245,330 |
Depreciation expense |  |  | 250,885 |  |  |  | 5,196 |  |  |  | 6,894 |  |  |  | 875 |  |  |  | 4,252 |  |  |  | — |  |  |  | — |  |  |  | 268,102 |
Disposals |  |  | (66,452 | ) |  |  | (7,522 | ) |  |  | (8,357 | ) |  |  | (873 | ) |  |  | (5,793 | ) |  |  | — |  |  |  | — |  |  |  | (88,997 | )
Foreign exchange |  |  | 172,452 |  |  |  | 219 |  |  |  | 3,778 |  |  |  | 1,144 |  |  |  | 1,405 |  |  |  | — |  |  |  | — |  |  |  | 178,998 |
Balance, December 31, 2022 |  |  | $ 4,251,016 |  |  | $ | 80,477 |  |  | $ | 163,944 |  |  | $ | 32,622 |  |  | $ | 75,374 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,603,433 |
(a) Impairment Precision reviews the carrying value of its long-lived assets for indications of impairment at the end of each reporting period. At December 31, 2022, Precision reviewed each of its cash-generating units and did not identify indications of impairment and, therefore, did not test its CGUs for impairment. (b) Asset Additions In 2022, Precision purchased $184 million (2021 – $76 million) of property, plant and equipment and completed $2 million (2021 – nil) non-cash equipment swaps resulting in total asset additions of $187 million (2021 – $76 million). (c) Asset Disposals Through the completion of normal course business operations, the Corporation sold used assets incurring gains or losses on disposal resulting in a net gain on asset disposal of $30 million (2021 – $9 million). During 2021, Precision sold its directional drilling business to Cathedral Energy Services Ltd. ( Cathedral ), along with $3 million of cash for a purchase price of $6 million, resulting in a gain on disposal of $1 million. The purchase price was satisfied through the issuance of 13,400,000 Cathedral common shares, along with warrants to purchase an additional 2,000,000 Cathedral common shares at a price of $0.60 per common share within a two-year period. The Cathedral common shares and share purchase warrants held by Precision are presented as long-term investments and other assets and will be revalued at each reporting period using Level I and II inputs, respectively. For the year ended December 31, 2022, Precision recognized a gain on investments and other assets of $12 million (2021 – $0.4 million loss), pertaining primarily to the revaluation of the Cathedral common shares and warrants.

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